Corporations (Aboriginal and Torres Strait Islander) Act 2006

CHAPTER 7 - RECORD KEEPING, REPORTING REQUIREMENTS AND BOOKS  

PART 7-3 - REPORTING REQUIREMENTS  

Division 339 - Audit of financial reports  

Subdivision 339-C - Qualification, experience and registration  

SECTION 339-60   QUALIFICATION AND EXPERIENCE: INDIVIDUAL AUDITOR  

339-60(1)    
An individual contravenes this section if:

(a)    one of the following imposes a requirement in relation to the audit of a financial report of an Aboriginal and Torres Strait Islander corporation:

(i) an applied provision of the Corporations Act ;

(ii) regulations made for the purposes of section 333-15 ;

(iii) a determination by the Registrar under section 336-1 or 336-5 ; and

(b)    the requirement is that, if the auditor is an individual auditor, the auditor must have particular qualification or experience; and

(c)    the individual acts as auditor in relation to the financial report or that part of it; and

(d)    the individual does not have the qualification or experience referred to in paragraph (b) .

Penalty: 25 penalty units or imprisonment for 6 months, or both.

339-60(2)    
An individual contravenes this section if:

(a)    one of the following requires that a person may only participate in a particular capacity in the conduct of the audit of a financial report of an Aboriginal and Torres Strait Islander corporation if the person has particular qualifications or experience:

(i) an applied provision of the Corporations Act ;

(ii) regulations made for the purposes of section 333-15 ;

(iii) a determination by the Registrar under section 336-1 or 336-5 ; and

(b)    the individual participates in that capacity in the conduct of the audit of the financial report; and

(c)    the individual does not have those qualifications or that experience.

Penalty: 25 penalty units or imprisonment for 6 months, or both.